Tether vs Sky Dollar — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDT | USDS |
|---|---|---|
| USD circulation value | $183.92B | $6.54B |
| Rank (by USD value) | #1 | #3 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills | Backed by DAI/USDC |
| Chains deployed | 130 | 7 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether | Sky Dollar |
| CoinGecko | View → | View → |
Both USDT and USDS track USD, but they differ in backing and issuer. USDT is backed by cash & t-bills while USDS is backed by backed by dai/usdc. As of today, USDT ranks #1 and USDS ranks #3 among tracked stablecoins.
USDT is larger, with $183.92B in circulation vs $6.54B for USDS. That's roughly 28.1× the size.
Neither USDT nor USDS is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDT uses fiat-backed backing model; USDS uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDT and USDS both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 chains and USDS on 7. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.